The RSX RSI Bar Chart Forex indicator for Metatrader 4 transforms data from the RSI indicator into a handy mini bar chart format.
The indicator appears in a bottom chart window as a bar chart with the 20 oversold and 80 overbought extreme levels.
RSI works extremely well when combined with trend trading indicators.
Key Points
- Based on the Relative Strength Index.
- Good for buy on dips, sell on rallies.
- Works best when combined with trend indicators.
- Well worth adding to your indicator collection.
Free Download
Download the “rsx-rsi-bar-chart-indicator.ex4” MT4 indicator
Indicator Chart (EUR/USD H1)
The EUR/USD H1 chart below shows the RSX RSI Bar Chart indicator in action.
Basic Trading Signals
Signals from the RSX RSI Bar Chart Forex indicator for Metatrader 4 are easy to interpret and goes as follows:
BUY:
- A new buy signal is given when the RSI bar chart turns back above 20 from below and the overall trend is upwards.
- Set a stop loss 1- 3 pips below support.
- Exit the buy trade for a risk-to-reward of 1.3, or wait for an opposite sell trading signal.
SELL:
- A new sell signal is given when the RSI bar chart turns back below 80 from above and the overall trend is downwards.
- Set a stop loss 1- 3 pips above resistance.
- Exit the sell trade for a risk-to-reward of 1.3, or wait for an opposite buy trading signal.
Download Now
Download the “rsx-rsi-bar-chart-indicator.ex4” MT4 indicator
Adjustable Parameters & Settings
Time frame, RSI period, RSI type, overbought level, oversold level, turn alerts on?, body wick, colors, width, style.
Feel free to explore the indicator’s different parameters and settings to create your own personalized indicator setup.
More Info About This Indicator
Supported currency pairs: Any
Trading Platform: Metatrader 4 (MT4)
Time Frames: M1, M5, M15, M30, H1, H4, D1, W1
Indicator Type: RSI
